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it hurts the economy and i think most economists that i respect believe that but throughout my career i v gone to the floor time after time on the appropriations bills and the farm bills that have the important earmarks, the terrible and egregious subsidies which i have opposed all along and i am sure grower has been well aware of that. >>neil: he has in conversations, he has said that but what concerns him is that republicans seem to be running around with the tail between their leg after the election and acquiescing on revenues and letting the democrats stream roll them and he says they will pay in two years. do you feel threatened? >>guest: will, republicans have to be for some things and we need to be for things and for spending cuts. we need to be for entitlement reform. that has to be done if we are ever going to be serious about this debt issue, i don't think we should disrespect grover norquist any more than i believe we should disrespect the heritage foundation or any others. i respect them. we just don't always agree. >>neil: what he is saying, senator, he says that there is muc
on the economy. the washington post writes that the white house is ratcheting up pressure to avoid the fiscal cliff. on c-span tonight, we will bring you some of the house and senate debate from august of 2011, when congress passed the budget control act that triggered cuts to take effect on january 1. we will also hear from president obama, who signed the deficit reduction measure into law, part of the deal to raise the debt ceiling. first, senate majority leader harry reid and republican majority leader mitch mcconnell will talk on the senate floor about the january fiscal deadline. >> since our country voted to return president obama to the white house, i have spoken often about compromise. i remain optimistic that, when it comes to our economy, when it comes to protecting middle-class families from a whopping tax hike, republicans and democrats will be able to find common ground. president dwight eisenhower, a republican, once said, "people talk about the middle of the road as though it were unacceptable. there have to be compromises. the middle of the road is all usable space." so said w
't think that raising tax rates is something that's good for this economy, that will help grow jobs. and so what we have said is there are ways for the federal government to have more revenue if we grow this economy and engage in tax reforms. >> every economist i respect says if you raise tax rates at this time -- in fact the president said that a couple years ago -- that it harms the economy. we're trying to help the economy. and so unless i can be convinced that raising tax rates will be beneficial, then obviously i think there's reason and grounds for my position. >> the truth is this country does not need to go through this fiscal cliff, which is fundamentally a huge tax increase and very little spending cuts. we're favoring a huge automatic tax increase that needs to be changed. >> bottom line we can't go off the fiscal cliff. democrats have harry reid. we have mitch mcconnell. get them in the room. no one gets all they want. if reagan and o'neill could do it, obama and boehner should be able to do it. >> it's the right approach, the one most beneficial for our economy, that protects t
and extend the maturity of existing loans. mark carney prepares to take up the reigns of the uk economy any. unlikely to be any good news. third quarter gd figures expected to be revised down. and it's point, click, buy. americans were doing plenty of that yesterdays as early reports suggest online holiday sales soared on cyber monday. and all bets are off. prediction market entrade says it can no longer accept u.s. customers as market regulators say its trades aren't legal. shanghai composite closed below 2,000 for the first time in three years. it comes at a time when plenty have been talking up chinese growth prospects for next year. so we'll get into that more later. but 1991 is the closing level. this the main one to watch across asia. the nikkei did manage to continue it rally adding about 0.4% as the yen weakens on comments this morning. forex, the dollar-yen one to watch, 82.19 is the level there. the aussie dollar doing a little bit abouter despite that weak number on the shanghai composite. sterling is flat. we'll get into that more later. and euro-dollar just barely higher today,
newshour has been provided by: moving our economy for 160 years. bnsf, the engine that connects us. and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> brown: washington's struggle to avoid going off the "fiscal cliff" resumed in earnest today. the president moved to draw on his reelection victory for new clout with congress. the goal: a sweeping deficit agreement to avert $650 billion in spending cuts and tax increases at the start of 2013. from the white house came word that president obama will try to build public pressure on congress to raise taxes on the wealthy and prevent tax hikes for everyone else. white house spokesman jay carney. >> well, the president believes very strongly that the american people matter in this debate. because this debate is about t
for both the present and the future, and as our economy continues to sign signs of improvement i'm not going to forget where the jobs go and for the people in terms of hope for the city and of course working with laborers, with our construction contractors, with the labor council. tim is here together as well and mike and working with everybody we have unprecedented announcement today and 100% locally financed project close to $500 million of private investment signifying that they wish to on their volition to be working with the city to hire 25% of their construction work force with san francisco residents. [applause] this is a wonderful, wonderful day. and that as part of that percent goal they are opening up themselves to working with us in an enforceable obligation on this label. rick is here representing for the golden state warriors and at the same time within this goal too we're going to accommodate returning veterans from our war and pllt to be part of this effort too -- [applause] >> yes. and for me it really means putting the word and the title warriors in the golde
the dangers of going over the fiscal cliff and what that means for our economy, that there's too much stubbornness in congress, that we can't even agree on giving middle-class families a tax cut, then middle-class families are all going to end up having a big tax hike. that's going to be a pretty rude shock for them, and i suspect will have a big impact on the holiday shopping season, which in turn will have an impact on business planning and hiring, and we can go back into a recession. >> sean: republicans hate big beared and santa claus. don't buy this hype, such as letting the bush cuts expire, are not the answer to tackling this deficit. in fact, during the 2012 fiscal year the federal government cost $9.7 billion to run each and every day, but the additional revenue from letting the bush tax cuts expire only amounts to around $82 billion a year, meaning the government would be funded for a whopping 8.5 days if in fact the president wins this fight. sadly the real reason we've reached this point is because our elected representatives simply have no idea how to stop spending your m
's the one that's most beneficial for our economy. >> reporter: larry, what i would say is tax increases does not necessarily, despite the rhetoric on both sides, and especially from democrats, does not necessarily have to mean increases in tax rates. it is possible, if you look at the estate tax, if you look at the treatment of dividends, capital gains and carried interest and take a look at loopholes and deductions to raise a significant amount of revenue from people at the top without changing the marginal rate, layery. >> very interesting. we're going to have senator tom coburn on that very subject later in the show. many thanks to john harwood coming from washington, d.c. now, with everyone in washington talking tax hikes, whatever happened to spending cuts? that's really my question. spending cuts and limited government and private sector free enterprise and growth. here now is cnbc contributor and democratic vat gist keith boykin, a former clinton white house aide and best selling author and talk show host larry elder, out with a new took, "dear father, dear son." larry already the sho
going to make the economy worse. they just keep pumping more debt in the the economy. host: you are saying go over the fiscal cliff? caller: yes. it is not even enough in my opinion to balance the budget. it is still about three times the average deficit under bush. let us go back to the clinton tax era. eileen anywhere between republican and libertarian. up -- yes i am not. i lean anywhere between republican and a libertarian. host: what do you make of republicans up on capitol hill -- to sort of a back off the tax pledge that he took when he ran for senate, saying he would not raise taxes. caller: if we are going to raise taxes my important thing is raising them on everybody. because if they try to strike a compromise where only the rich get taxed, then it gets more progressive. it is not a point to help the budget. we are right to raise taxes, raise them all the way down to where clinton had them. host: senators lindsey gramm represented peter king, talking publicly abandoning the pledge of democrats will talk seriously about entitlement reforms. rest in peace, grover norquis
return to a normal economy that returns about 18.5%, that would increase revenue an additional over $400 billion per year, that's $750 billion of revenue per year through economic growth. and the president, his proposal would raise 1/10 of that but would put at risk the economic growth and that $750 billion. so -- >> sir, with all due respect, though -- >> counterproductive. >> that's an answer to the question. there's nothing you see over the next 35 days that would have you break that pledge with grover norquist? >> no, because raising taxes harms the economic growth. you get ten times the revenue by economic growth rather than punishing success. and, again, all of us are saying president obama, show us your plan for restraining the size of government, that's the main problem. again, his revenue proposal would raise $68 billion when we have over $1 trillion worth of deficit. where's the other $1 trillion in his balance plan? mr. president, show us your plan. >> sir, one thing, mitch mcconnell has said that revenue is on the table as long as entitlements would be on the table. conductin
happened until they exploded. now, those dangers to the economy are better understoood and are being tracked." in 2010, schapiro's sec was surprised by an $862 billion 'flash crash,' made worse by electronic and high-frequency trading. it's all added up to more regulation that some believe has cut out smaller firms and individuals - among them, introducing brokers, ib's who accept orders to buy and sell but not the funds to support them. "they just say, 'this is not worth it to verify the source of funds for all my clients globally.' they just can't do it." while some believe schapiro leaves just as dodd-frank financial reforms are yet to be implimented may be drawn by a large firm to navigate those changes, others believe she may be headed to a cabinet position, perhaps the treasury. investors are shining a new light on knight capital. the trading firm teetered on the brink of bankruptcy for a few months. now that the wall street journal is reporting the firm may have a buyer, investors jumped on board, snapping up shares of knight capital monday. however, the ceo of knight capital
assess what makes consumers spend, and what impact all those purchases have on the economy. >> brown: we have two stories about continuing unrest in the middle east, beginning with the political crisis in egypt. >> suarez: then, in her final report from turkey, margaret warner looks at the growing clout of syria's kurdish minority, and the impact that's having on the other side of the border. >> brown: when does a co-worker count as a supervisor? that question was before the supreme court today in a case about harassment. marcia coyle explains. >> suarez: and we examine new figures from the pew research center showing that young voters played a decisive role reelecting president obama. >> brown: that's all ahead on tonight's newshour. major funding for the pbs newshour has been provided by: moving our economy for 160 years. bnsf, the engine that connects us. and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. and with the ongoing support of these institutions and foundations. an
-class jobs. it is essential to the growth of our whole economy. on our agenda, a money long list, is our competitors drop world all have strategies. we need an effective game plan to out-produce, out-innovate, out-build, and out-invest our competitors. we must develop plans to increase manufacturing and manufacturing jobs. and infrastructure bank. with me on the podium is the chairman of the policy committee. who will champion the infrastructure which the president mentioned a few minutes ago. we need to facilitate the efficient, private sector investment and infrastructure. we need to compete from broadband systems. with an infrastructure bank, we will be able to out-build a partnership between the public sector and private sector. clean energy. clearly, that is the future. that is the vision we have of an america that has powered itself by clean energy. we need to invest in clean energy to create jobs and make america competitive in the most important, new economic sector. china is doing that. europe is doing that. america must do that. it is doing it as a result of a bill we passed, t
have seen the worst of this economy, think again. another recession could be just around the corner regardless if congss solves the fiscal cliff crisis or not. one of the top economists, martin feldstein of harvard unersity, joins me now. >> it's good to be back. cheryl: you were with ben bernanke last week. there were two questioners talking to mr. ben bernanke. he has been very vocal in his call for congress to fix the fiscal cliff. you are a little bit more negative than your colleagues. why is that? >> well, what he said is if we gover the fiscal cliff, the economy will drop into a recession and the fed does not have the ability to stop that. now the question is, what if we do not hold the fiscal cliff but some of the other things that are being talked about, like the president's plan, what would happen then? the president's plan to raise taxes on high income individuals, cutting deductions for high income individuals, raising the corporate tax ate read a long list of that sort. eliminating the payroll tax holiday. that would take about 2% out of the gdnext year. we are struggli
approaching, there is a big story looming on the economy. and before this is over it is going to affect every american who pays taxes, has a mortgage or -- has to manage their own money, and that is every american. tonight, while shopping is a big story, along with the surprising amount americans are spending the bigger story is the fact that some very tough choices are coming, and it is the folks in washington who are going to decide for everyone. we have it all covered tonight, beginning with our chief white house correspondent, chuck todd, good evening. >> reporter: good evening, leaders in wall street and washington have been warning for weeks of a possibility of an economic downturn if they don't avert what we have been calling the fiscal cliff. and yet the consumers we have been talking about are not acting very worried. trying to capitalize on the strong holiday shopping season, the president warned that the economy will spiral downward if it is not addressed. >> i think it is a reason that retailers are so concerned. that congress has not yet extended the middle class tax cuts. >> rep
to go into the real economy. >> as we saw in our report, greeks are out protesting against this deal. what with the public like to see instead? >> i think the biggest thing they would like is some sense that the unemployment issue is going to be addressed. the protests we saw today were mainly involving municipal workers, city hall workers. not just in athens, as about 2/3 of city halls around the country were shut. many of those workers will be laid off between now and the end of the year. the government is finding it very hard to get the mayors of those city halls to send in the list of names of people who have to be laid off. >> thanks so much for the update. germany is a top lender to greece, and lawmakers are expected to approve the release of berlin's contribution immediately. still, there are deep suspicions that talks of a debt write-down have been delayed until after next year's german elections. >> the deal would be put to vote on thursday or friday. >> it is not an easy sell for the defense of the idea of letting greece buy back its bonds at below market value. >> it is im
brands. remember the colonel. joy global. china is so crucial to such a huge swath of the economy, i can't stress how important this trend might be. hey, let's take the rails. >> all aboard! >> they've been horrendous in large part because of decline in coal shipments to our power plants which are nat gas. china is building hundreds of coal burning plants. when electricity use is up, you'll see stocks like csx and norfolk southern start to bottom. you know what? i think they bottom now. just how powerful is china? consider this. last week we had a truce between the israelis and gazans. it took people by surprise. how can oil stay high given the sudden ephemeral peace? oil didn't fall. that's because of rapacious chinese demand. oil stocks didn't fall either. then there's europe. deal talks were in the air friday. that means a day when the industrials that had so much riding on return to growth in europe could blossom. they were some of the best actors out there. good news for europe, still good news for the international u.s. banks. they went up, too. jp morgan, goldman sachs. retail. we
. energy is the lifeblood of a thriving economy and society. our future in energy provides the opportunity to significantly assist us in exiting our economic difficulties with jobs and new opportunities in abundance. we need reliable, affordable, and environmentally responsible in terms of supply. i say it is an important day because i believe we find ourselves at a unique point in history at the confluence of urgency and opportunity to them that we should make no mistake about it. -- and opportunity. we should make no mistake about it. if you examine the national intelligence council's global trends 2025 report, you'll find the word "energy" is one of the most repeated factors driving global security over the next 10 to 15 years. this means that achieving well conceived long term objectives depends on visionary action. the defining feature is about being pro-active. not reactive. this demands a sense of urgency and collegiality among the global community them back for the u.s., the united states, it is another critical challenge for our leadership responsibilities the world over. the prop
the economy going over the fiscal cliff. no mystery what the issues areu. the democrats know, republicans know and so does president obama. entitlements are pushing the country toward financial ruin. here is what the president said in 2010. >> the major driver of the long-term liabilities is medicare, medicaid and healthcare spending. nothing comes close. social security we could probably fix the same way tip o'neil and ronald reagan sat down together and we could figure something out. that is manageable. medicare and medicaid, massive problems down the road. that's where, that is what our children have to worry about. >> dana: here we are, two years later and still no plan. on the left in congress refusing to deal with that simple reality. vermont senator bernie sanders caucuses with the democrats. take a listen. >> i get nervous when i hear the president and others continue to talk about quote/unquote, entitlement reform. which is just another cut for medicaid and medicare and social security. >> eric: brian, start with you, today. >> dana: you look surprised. >> brian: i am. yet honored. >>
. the organization is predicting that the u.s. economy will grow 2% next year. and u.s. companies are now moving up their dividend payments on their stock with a payment before the end of the year to avoid the higher tax rates for investing on their dividends and they are expected to come at the beginning of the year. among companies paying dividends early our loss vegas dance, dillard's, wal-mart, and ethan allen. >> the standoff has just been resolved and the gunmen killed hisself. we have a sergeant joining us. >> that you for joining us. so we do understand that the standoff is over? >> yes just before 5:00 a.m.. we mold then and we discovered that the suspect was dead with a self inflicted gunshot wound. >> was this man wanted for a few things? >> is start about 11:00 p.m. monday night and the police department received a 911 called indicated that he was a white sedan and it was stolen. we also our word that he was armed and located the vehicle and the suspect then took off and the pursuit was initiated. he fired several rounds from a handgun and he ended the pursuit on treasure ala island. we
the importance of the other nine to five economy. the impact of all that you do has an impact on our job situation and local economy, and to highlight all of the great work that we can do together to ensure that the sectors that you all represent, the sectors that you work for, that you employ people for connaught is one of the greatest sectors in san francisco. i hope we will take the opportunity of the america's cup to showcase our clubs, our restaurants, our nightlife events. as someone who represents the broadaway neighborhood, an area of town that i used to spend a lot of time in when i was in my 20's -- but actually, very few locals take the time to head to the beach on broadway. our neighborhoods are coming together to say that broadway is open to the rest of the world as well as san francisco. i want to put san francisco back on the map when it comes to music. to make sure that we have the type of entertainment that we used to be renowned for. and those of you that work in our bars and clubs, i want to make sure that we are trading the kind of destinations that we look forward to
? what will it do to our economy? >> i don't think it will do that much because i think people will assume that a solution will be found quite promptly. it's a little like the debt ceiling question. i mean, people know -- the rest of the world may think that we're idiotic at times but they don't think we're going to commit suicide. and so i think if -- i hope something gets worked out before january 1, but if it goes a little beyond that i do not think -- >> rose: so january 10 or -- >> if you guaranteed me that the fiscal cliff we would go past that, i wouldn't sell a share of stock today. >> rose: you have that confidence that in the end they will fix it? >> yeah, and this that think economy works. >> rose: is it getting better? >> it's getting better. it's been getting better since really the summer of 2009. we've had four years straight now where the stock market's given a profit of return. the economy is getting better. we had a tremendous bubble and when it burst it was -- it had ramifications for all aspects of society and it was magnified by the abuses that had taken pl
business, like the economy is doing well. he has known boehner for years and believes the speaker wants to make a deal with president obama to avoid the fiscal cliff and impact on families but also seen washington's disfunction and has his doubts. >> somewhat just like the president, time to go ahead and do your job. >> reporter: speaker boehner is secure enough in his own district here north of cincinnati i-75 that his constituents will give him a freehand to negotiate. his bigger challenge is pulling together republicans from districts across the country behind any deal he ultimately strikes with president obama. the next four weeks that is the challenge john boehner, eric canter, and candidates on the house and senate are going to find. how do you put together a deal that not only the leaders agree upon but members of the caucuses can give majority to us in both houses? >> indeed, john, thank you very much. >>> meantime, some important economic data came out today and if you were looking at it expecting to see signs of worry about that looming fiscal cliff, you might be surprised. st
optimistic about spending in this economy. the index of consumer attitudes edging up to 73.7 from an up yard hi-revised reading of 73.1 in october o. and u.s. home prices climbing higher for the sixth month in a row. property values in 20 cities jumped 3% compared to one year ago, building on a 2% gain posted in august. liz: green mountain coffee roasters brewing up numbers, robert gray has the numbers. >> reporter: coming in better than expected, 946.7 million bucks, well ahead of the estimate, 902, and the nongap adjusted earnings number coming in, again, well ahead of expectations, 64 cents. thatts better than the 48 cents that were anticipated there. and they're talking up the sales of new platforms here as they're facing new competition from starbucks. a double beat, if you will, and you see the shares jumping in after hours. liz: yes, david was right, it has been hammered by the short sellers, particularly david einhorn who was famed for short selling lehman brothers. but, again, this is a company that has continued to try and come through here, new management changes, right, robert? >
will it do to our economy? >> i don't think it will do that much. i think people will assume a solution will be found quite promptly. it's a little like the debt ceiling question. people know -- the rest of the world may think we're idiotic at times but don't think we're going to commit suicide. so i think if -- i hope something gets worked out before january 1st. if it goes a little bit beyond that, i don't think -- >> if it's january 10th -- >> if you guaranteed me that the fiscal cliff, we would go past that, i wouldn't sell a share of stock today. >> you have confidence that in the end they will fix it? >> and that this economy works. >> he is confident of a deal huh? >> he really does. he believes there's a possibility -- he thinks it will take some time. first thing he wants to see is a minimum tax, which they can do now in terms of people who make more than a million dollars, minimum tax you have to pay it before you do the tax reform. too many competing interests to get it done immediately. interesting man. we'll have more from him. >>> to republican politics,
government it will pay for, regardless of the impact on jobs or the economy, or america's standing in the world. these are the ones who have recklessly ignored the fact that we can't keep running trillion dollar deficits every year and throw a tantrum if someone suggests that maybe the taxpayers shouldn't keep subsidizing ever last program washington ever dreamed up. they are reckless and ideological approach threatens our very future. and anyone who is serious about solving the problems we face should ignore all of that starting with the president. megyn: meantime some of the president's supporters unleashed and ad blitz targeting key lawmakers reportedly spending close to $300,000 on an ad buy that talks about increasing taxes but leaving spending alone. here is part of that. >> how do we move our country forward and reduce the deficit, by creating jobs and growing our economy not by cutting programs that families rely on most. megyn: join me now is stu varney, who is host of varney & company. and chris stirewalt. you have all the unions unleashing and ad blitz to target the home
that would avoid that potentially devastating fiscal cliff that is looming over the u.s. economy right now. the president is meeting with small business owners at the white house today. he had a series of meetings with different business leaders over the last week. despite the warnings that the talks are stalling on capitol hill stuart varney joins me now, host of "varney & company" on fox business network. >> good morning, martha. bill:. martha: what are you hearing how this is going? >> it is impasse basically. the republicans said yesterday they accommodated the democrats they will agree to get more money from wealthy people from higher taxes but mitch mcconnell, senate republican leader, he says there has been no similar compromise from the democrats or the president. he says they are still holding out for higher tax rates on the rich and he says the radical left is prescenting the democrats and president and agreeing to serious reform from medicare. martha, i have to tell you. i got new numbers from medicare, from trustees, actually. medicare has to pay out in the future $42 trillion.
. >> translator: i promise to become the first president to democratize the economy and establish a sound welfare system through a new type of politics. >> moon also talked about >> moon also talked about entrepreneur-turned-politician ahn cheol-soo. ahn dropped out of the race last week to give moon a better chance for victory when voters head to the polls on december 19th. moon said he'll never forget the sacrifice. he asked ahn's supporters to back him. >>> earlier shery ahn spoke with kengo okamoto who has covered south korea's last two presidential elections. >> kengo, park and moon running neck and neck. what are south koreans looking for in their next leader? >> yes, shery. their biggest concern is growing economic equality. they blame congress glom rats. these groups or big companies dominate south korea's economy. critics say they made it hard for smaller companies to succeed. moon has said one solution is to reintroduce limits on how conglomerates can invest. he says that would create room for smaller companies to grow. >> and what does park say? she's known to be more conservative. >>
to cripple the syrian economy. eight round-trip flights between moscow and damascus delivering more than 200 tons of, quote, bank notes into syria. u.s. and european sanctions include a ban on syrian currency in an attempt to slow the violence that's killed thousands of people. syria and russian officials have so far not responded to the reports. >>> overseas tens of thousands are rallying today in cairo's tahrir square protesting what they view as a blatant power grab by president mohamed horsey. with tensions mounting yesterday, morsi appeared to soften his controversial attempt to award himself near absolute power above the reach of the law. in a vaguely worded statement, morsi spokesman backtracked slightly saying that only acts of sovereignty would be immune from oversight. >>> well, u.s. consumers went big this weekend for small business saturday. millions of holiday shoppers spent a total of $5.5 billion during the third annual local business shopping event. mika spent half of that in the south of france. and that's not even counted in that tally. for more on the holiday shopping seas
we can evaluate the markets and evaluate the economy? >> the markets are not going to allow that. the markets now understand very clearly the formation of capital is at risk here. we have a absolutely suffocating mountainous debt that is going to extinguish the private economy in this country. lori: bond market is letting it happen. the interest rates are staying low. >> you're quite right but it is also the most defensive position for money of that dimension to inhabit. when we see a change, then we'll see difference ares in direction and flow of that capital but until then, this is a president and a congress, republican and democrat, that are risking everything through their lack of courage, their lack of principle, and lack of vision and responsibility. these people are playing out like they want to come away from this with a whole chapter and profiles in courage devoted to them. it is not going to happen. this is a profile in cowardice. this is profile in the lack of intellectual integrity and a absolute refusal to be straightforward with the american people. i mean we've got
. again, growth is rather important and it's what we ought to be rather than raising taxes. if the economy grew at 4% instead of 2% a year for one decade. the federal government would net $5 trillion. that would pay down all of the debt that obama's accumulated in the first four years. if we had grown at reagan rates of growth instead of obama rates of growth, 11 million americans would be at work today who are out of work. that's how you do it with the most regulations. >> what if we carried along the bush rate of growth of the eight years before bk? >> well, there were three periods of growth or low growth during the bush years. he enlded president bush handing president obama the greatest financial hospital past of most people's living memory. the idea that show the republican economic policies have been this wonder yus success story going back the last three decades is poppycock. >> taxes are not the only policy. when he cut marginal tax rates on gains and dividends from 2002, there was four years of strong economic growth from '03 to '07. what you had was fannie mae and freddie mac ma
right down to it. egypt and the poor economy for quite some time and it is degrading. we see tourism plummet, and there is no hope of that coming back anytime soon. we don't see any real industrial activity in egypt. we see a very inefficient agricultural sector. a lot of things are wrong with the egyptian economy, and unfortunately president more see in the muslim brotherhood are focused on an agenda of distribution, redistribution of wealth and the welfare state which is just not a prescription for economic succes in the short term i think he is trying to shore up his power by taking some power back from the judiciary. then he will try to appeal to the poorest egyptians by redistributing. melissa: he better do that quick. don't want to run at a time without asking you about david's slang. a lot of made -- a lot was made of the iron dome. the net cost to israelis to shoot down one rocket is somewhere between $50,150,000. at the same time, you know, the moss is being supplied with rockets that are a few thousand dollars. you can see if this was just a battle of money that israel woul
, and they're not interested in raising taxes, they think it is a bad idea for the economy. the only way to have a stimulus to the private sector is to leave more money in the private sector. the other thing that folks in kentucky don't understand is that why is it a fiscal cliff to cut spending? most people in our state think we're spending too much money up here and we should cut spending. in fact, the majority of congress voted for this sequester. why was it a good idea a year ago and now it is not a good idea. >> on spending and spending cuts, you may have something in common with the president, which i want to get to. you mentioned the people in your great state of kentucky and, look, we know and we're all hoping they're out and about shopping, it is holiday season, and in terms of the timing with this -- with this deal, you know, hopefully getting done before january 1, a lot of people want to avoid the tax increase that will automatically happen as people are paying those holiday bills, right? >> here's my question. if it is bad to raise taxes on everyone, why is it good to raise
of the pattern for the s&p 500. lower than less than three points. >> so with all the good news on the economy out today, still no rally for stocks. is it really still all about the fiscal cliff for investors right now? let's talk about that in our clo"closing bell" exchange. steve liesman will have breaking news momentarily. steve, do you have that? >> yes, i do. what we have is a report from the new york fed on consumer finance. what the news shows is that overall, consumer credit outside of real estate is up just a bit. most of that, by the way, is student loan debt, being up about $42 billion inside that $2.7 trillion number. overall, mortgage debt is down and overall debt is down. the basic gist of the details, bill, is that consumer credit continues to decline overall. delinquencies are down and bankruptcies are down. balance sheet repair continues. a little bit more willingness of the consumer to take on some debt and a lot of it -- >> that's very interesting, steve. let me ask you something, david. >> i want to make one more point, which is that when you talk about how much the dow is
this difficult time we have had with the economy. the richest of the rich will have to pay a little bit more to solve the financial problems we have in this country. [inaudible] >> right after the senate majority leader harry reid spoke, republican leaders held their own briefing and ways to find a deal and criticized leader reid's plan. this is 15 minutes. >> good afternoon, everyone. as we head into the fiscal cliff negotiations, my advice to the president would be -- seems like our friends on the other side are having difficulty turning off the campaign. we need to sit down and work this matter out. i think we have a clear sense and opportunity here at the end of the year to do something important for the country. we all know that the most critical steps to be taken are to save the entitlements, which are on an unsustainable path to bankruptcy. there's no better time to begin to fix that problem than right now. so i would hope our friends on the other side can kind of turn off the campaign and get into a cooperative mode here to reach a conclusion. which leads me to make a further observa
, that winning means generations of kids win. our economy wins. what i think are things that we do well. all of so many other aspects of our society win out when we use these opportunities and invite a lot more to come together and think creatively as we are the innovation capital of the world. we will continue to do that and continue to invite more partners to be our partners in this great event. go sf super bowl! [applause] >> mayor lee, it is an honor to be chairing this committee. we won't be able to do this without you so thank you for your support today. we have a lot of folks around us. and one silverstein. [ laughter] >> all about rich. i just want to say thank you to the team at goodby silverstein, the social media campaign. you have worked incredibly hard. rich, your team is amazing. come up here and tell everybody about the logo and the campaign. [applause] >> we have to win this. we are not in it to come in second. we've got to win it. i challenge anyone to have better looking goal posts than that. we have remarkable area. we have a great group of people. the logo really reflects
economy -- due to concerns. >> there are talks in brussels, and it was on the minds of traders. we have this summary from the frankfurt stock exchange. >> the negotiations about the rescue package for greece our way and down on the share markets at the beginning of this week. traders are hoping that there will not be a long term -- that there will be a long-term solution but only the euro showed that investors seem to be rather optimistic. the hero has been quite strong today. optimism also for the german economy. the german consumer confidence has been stronger than expected. some investors hope now that german consumers buy more christmas presents than they have before. >> a quick look at some market numbers now. dax closing down 0.25%. euro stoxx down. the dow jones is currently down about 0.5%. the euro was trading for $1.2961. swiss bank ubs has been fined 37 million euro for regulation and failures lead into a rogue trader losing billions for the company. >> the employee was convicted of fraud dance that -- sentenced to seven years in prison. they describe the risk control systems
to strengthen both country's economies. >>> after black friday, small business saturday and cyber monday, organizers are hoping the first annual giving tuesday will become a new holiday tradition. the campaign encourages folks to donate time and/or money and then share the good deed on social media. >>> and veteran nbc newsman tom brokaw will be honored with the annual ken burns lifetime achievement award for his contribution to the arts through history related projects. >>> all day long you can stay on top of the very latest developments in those stories and others as they break on msnbc. and tonight be sure to watch "nbc nightly news" with brian williams. >>> and, finally, here's a look at what's coming up later this morning on the "today" show. in a "today" exclusive business tycoon warren buffett is live with his take on the state of the economy, the fiscal cliff, and taxing the rich. >>> and actress scarlett johansson talks about the oscar buzz surrounding her new role in "hitchcock." >>> and now keep it on this channel for continuing local news, weather, sports, and more. i'm lynn
"gosh we're really going to suffer, and if we're going to be participating in our great economy in san francisco we have to find a way for better transportation routes to transfer people up north and down south of the city, and when we call ourselves a city as a transit first city there is no better example than that than what is reflected in the plans for the central subway. this project is a vital enhancement of our public transportation system. it's going to significantly improve the movement of tens of thousands of franciscans and if you were here this past weekend when people were predicting it would be jam san francisco instead of san francisco you knew that folks were educated because of the great leadership at our mta, our county transportation, all of our transit systems and were at the highest level of educating the visitors and others to use public transportation. it will work for all of us and as we build the housing units we identified in hunter's point and treasure island and welcome more people to our great city and we are growing as a result. we are going to have th
conviction, especially in a down economy, someone with a felony has great difficulty even accessing 5 a job that pays minimum wage. putting these felony convictions to a whole population of young people, we really perpetuate a chronic underclass which benefits none of us. and then of course there's the inequity in the criminal justice system. even though we can show that drug use rates are quite similar in all different ethnic communities and african-americans are 13 times greater likelihood of being convicted of a felony of simple possession. then of course there's also the savings that we could experience, nonpartisan, independent legislative analyst office has determined that there would be $159 million annually of savings at the county level, plus another $65 million annually in savings at the state level. and our bill would direct a portion of that savings to drug treatment programs so that we can, like these 13 other states, have better outcomes, safer communities. i of course have to thank the sponsors of our bill, and we have a number of them, the h.l.u. which has been a champion an
send the entire world economy into a recession. steve moore is here, senior economics writer at the "wall street journal." he joins us now from washington, d.c. will they prevent it, steve? >> the good news is, no one should ever listen to what they say. but, you know, these go sheesh and keep rolling on. my sources on capitol hill say that there is still a lot of gridlock there. the main thing, in my opinion, can they reach a deal on these taxes that does not require all of the requirements of business to go up? dagen: do think that happened, because again, there are so many taxes that we need to worry about, the lawmakers never fixed it for 2012. if they do not fix that, it will hit 33 million americans. the payroll tax cut. will that go away, because, again, it was temporary ones, temporary twice and it will still be a higher tax. >> im so glad you brought up the amt. nobody has really been focusing on this. that would be bigger than even extending the bush tax cuts. you are talking about $2 trillion in additional taxes on americans over the next decade if we do not fix th
together and use a more fitting metaphor defuse the austerity bomb that threatens to explode the economy and could decades of republican orthodoxy on rejecting new revenues finally be coming to an end? with the senate in session for 36 days to go before hundreds of billions of dollars in tax cuts hikes and cuts take affect, white house press secretary repeated everything including entitlement programs would be part of the talkings. talks. meanwhile, many are turning their back on the pledge to grover norquist. >> times changed significantly and i care more about this country than i do about a 20-year-old pledge. >> i agree, a pledge signed 20 years ago is for that congress. >> i'm willing to generate revenue. it's fair to ask my party to put revenue on the table we're build historic averages. >> it does appear that speaker boehner is open to talk about revenue entitlement reform. >> eliot: jay carney said the white house welcomed those comments and grover norquist tried to make light of them. >> some of them have engaged in impure thoughts. they have not actually voted for a tax increase
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